Exhibit 23.1 CONSENT OF INDEPENDENT ACCOUNTANTS We hereby consent to the incorporating by reference in this Registration Statement on Form S-8 of our report dated February 5, 1998 appearing on page F-2 of M.D.C. Holdings, Inc.'s Annual Report on Form 10-K for the year ended December 31, 1997. /s/ Price Waterhouse - ------------------------ PRICE WATERHOUSE Denver, Colorado May 20, 1998