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 our report dated
February 3, 1997 appearing on page F-2 of M.D.C. Holdings,  Inc.'s Annual Report
on Form 10-K for the year  ended  December  31,  1996.  We also  consent  to the
reference to us under the heading "Experts" in such Prospectus.





PRICE WATERHOUSE LLP

Denver, Colorado

September 25, 1997