content: <?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/ownership" xmlns:com="http://www.sec.gov/edgar/common">
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      <submissionType>144</submissionType>
      <filerInfo>
        <filer>
          <filerCredentials>
            <cik>0001184829</cik>
            <ccc>XXXXXXXX</ccc>
          </filerCredentials>
        </filer>
        <liveTestFlag>LIVE</liveTestFlag>
  
  
  
      </filerInfo>
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    <formData>
      <issuerInfo>
        <issuerCik>0000773141</issuerCik>
        <issuerName>M.D.C. HOLDINGS INC.</issuerName>
        <secFileNumber>001-08951</secFileNumber>
        <issuerAddress>
          <com:street1>4350 S. Monaco Street, Suite 500</com:street1>
          <com:city>Denver</com:city>
          <com:stateOrCountry>CO</com:stateOrCountry>
          <com:zipCode>80237</com:zipCode>
        </issuerAddress>
        <issuerContactPhone>3037731100</issuerContactPhone>
        <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>David Blackford</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
        <relationshipsToIssuer>
          <relationshipToIssuer>Outside Director</relationshipToIssuer>
        </relationshipsToIssuer>
      </issuerInfo>
      <securitiesInformation>
        <securitiesClassTitle>Common</securitiesClassTitle>
        <brokerOrMarketmakerDetails>
          <name>J.P. Morgan Securities LLC</name>
          <address>
            <com:street1>390 Madison Avenue</com:street1>
            <com:street2>6th Floor</com:street2>
            <com:city>New York</com:city>
            <com:stateOrCountry>NY</com:stateOrCountry>
            <com:zipCode>10017</com:zipCode>
          </address>
        </brokerOrMarketmakerDetails>
        <noOfUnitsSold>2771</noOfUnitsSold>
        <aggregateMarketValue>132288</aggregateMarketValue>
        <noOfUnitsOutstanding>74546345</noOfUnitsOutstanding>
        <approxSaleDate>09/01/2023</approxSaleDate>
        <securitiesExchangeName>NYSE</securitiesExchangeName>
      </securitiesInformation>
      <securitiesToBeSold>
        <securitiesClassTitle>Common</securitiesClassTitle>
        <acquiredDate>08/01/2016</acquiredDate>
        <natureOfAcquisitionTransaction>Restricted Stock Awarded Under Director Equity Plan</natureOfAcquisitionTransaction>
        <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
        <isGiftTransaction>N</isGiftTransaction>
        <amountOfSecuritiesAcquired>2771</amountOfSecuritiesAcquired>
        <paymentDate>08/01/2016</paymentDate>
        <natureOfPayment>NA</natureOfPayment>
      </securitiesToBeSold>
      <nothingToReportFlagOnSecuritiesSoldInPast3Months>N</nothingToReportFlagOnSecuritiesSoldInPast3Months>
      <securitiesSoldInPast3Months>
        <sellerDetails>
          <name>David Blackford</name>
          <address>
            <com:street1>4350 S. Monaco Street, Suite 500</com:street1>
            <com:city>Denver</com:city>
            <com:stateOrCountry>CO</com:stateOrCountry>
            <com:zipCode>80237</com:zipCode>
          </address>
        </sellerDetails>
        <securitiesClassTitle>Common</securitiesClassTitle>
        <saleDate>07/28/2023</saleDate>
        <amountOfSecuritiesSold>5634</amountOfSecuritiesSold>
        <grossProceeds>283817</grossProceeds>
      </securitiesSoldInPast3Months>
      <noticeSignature>
        <noticeDate>09/01/2023</noticeDate>
        <signature>/s/ J.P. Morgan Securities LLC as agent and attorney-in-fact for David Blackford</signature>
      </noticeSignature>
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text: 144
  0001184829
  XXXXXXXX
  LIVE
  0000773141
  M.D.C. HOLDINGS INC.
  001-08951
  4350 S. Monaco Street, Suite 500
  Denver
  CO
  80237
  3037731100
  David Blackford
  Outside Director
  Common
  J.P. Morgan Securities LLC
  390 Madison Avenue
  6th Floor
  New York
  NY
  10017
  2771
  132288
  74546345
  09/01/2023
  NYSE
  Common
  08/01/2016
  Restricted Stock Awarded Under Director Equity Plan
  Issuer
  N
  2771
  08/01/2016
  NA
  N
  David Blackford
  4350 S. Monaco Street, Suite 500
  Denver
  CO
  80237
  Common
  07/28/2023
  5634
  283817
  09/01/2023
  /s/ J.P. Morgan Securities LLC as agent and attorney-in-fact for David Blackford