YES. Although the only network that allows us this is nowadays Adwords de Google.
This network allows you to choose the area in which your ads appear. So you can choose to appear in a country, in several countries, or only in a certain area (eg 15 Km. around the location of your business.)
This terribly increases the effectiveness of the advertising that is shown only to potential customers in its area of influence, and at a lower cost.
thus, the Adwords network from Google, allows your ads to appear in Google search engine, as well as on sites of thematic content related to your business, but only at a local level.
To read more about Google-Adwords click HERE.