Exhibit 23.1

                CONSENT OF INDEPENDENT ACCOUNTANTS

   
We  hereby  consent  to  the   incorporation  by  reference  in  the  Prospectus
constituting part of this Amendment No. 1 to 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.
    


/s/ PRICE WATERHOUSE LLP
- ------------------------
PRICE WATERHOUSE LLP

Denver, Colorado

   
October 28, 1997