Exhibit 23.1 




                      CONSENT OF INDEPENDENT ACCOUNTANTS

We  hereby  consent  to  the   incorporation  by  reference  in  the  Prospectus
constituting part of this Registration Statement on Form S-3 of M.D.C. Holdings,
Inc.  of our report  dated  February  20, 1996  appearing  on page F-2 of M.D.C.
Holdings,  Inc.'s  Annual  Report on Form 10-K for the year ended  December  31,
1995. We also consent to the reference to us under the heading "Experts" in such
Prospectus.




/s/Price Waterhouse LLP
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PRICE WATERHOUSE LLP


Denver, Colorado
November 27, 1996