From WoWWiki

Not a specific term really, but can refer to the main region or zone of the capital city of each race.

Homelands of the playable races

Race	Homeland	Capital City
Dwarf	Dun Morogh	Ironforge
Forsaken	Tirisfal Glades	Undercity
Gnome	Dun Morogh	Ironforge (was Gnomeregan)
Human	Elwynn Forest	Stormwind City
Night Elf	Teldrassil	Darnassus
Orc	Durotar	Orgrimmar
Tauren	Mulgore	Thunder Bluff
Troll	Durotar	Orgrimmar (was Echo Isles)
Blood Elf	Eversong Woods	Silvermoon
Draenei	Azuremyst Isles	Exodar