Contemporary Fantasy

From The Writerium - the wiki for writers

This fantasy subgenere comprises stories set in the putative real world or consensus reality in contemporary times, in which, the story reveals, magic or magical creatures exist, such as vampires or werewolves. All the fantasy elements in a contemporary fantasy must exist in, or at least intrude into, the real world. On the other hand, their existence must be secret enough that a reader can be convinced that by one means or another, the fantasy elements could hide or be hidden from history, the media, and the overwhelming majority of people.

Fantasy stories where the characters leave the real world for a fantasy world, and the real world contains nothing magical except, perhaps, the portal, are not Contemporary Fantasy, but may be either high fantasy or low fantasy.

Harry Potter by J.K. Rowling and Spiderwick by Holly Black are two examples of contemporary fantasy.