Nevada is a city in Collin County, Texas, United States. The population was 822 at the 2010 census. First settled in 1835 by John McMinn Stambaugh and named McMinn Chapel, the area was settled by Granville Stinebaugh, who named it after Nevada Territory (the local pronunciation, though, has the second syllable as "vay"). Nevada enjoyed some prosperity after becoming a stop on the St.