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
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PRICE WATERHOUSE

Denver, Colorado
May 20, 1998