As a default, I think 5e is medium-high magic (like its predecessors) given that most class options are magical, the predominance of undead and other inherently magical creatures, and such. Of course, it's all in the way that you spin it—in most of my homebrew settings, magic was the sole purview of the PCs and specific NPCs and rare outside them. I also tried to play up the inherent otherness of inherently magical creatures (like fey, undead, demons, beholders, etc.). But with all of the published settings, you can't spit without hitting someone who either can cast spells or personally knows someone that can.