<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/ownership" xmlns:ns2="http://www.sec.gov/edgar/common">
    <headerData>
        <submissionType>144</submissionType>
        <filerInfo>
            <filer>
                <filerCredentials>
                    <cik>0000902691</cik>
                    <ccc>XXXXXXXX</ccc>
                </filerCredentials>
            </filer>
            <liveTestFlag>LIVE</liveTestFlag>



        </filerInfo>
    </headerData>
    <formData>
        <issuerInfo>
            <issuerCik>0000773141</issuerCik>
            <issuerName>M.D.C. HOLDINGS INC.</issuerName>
            <secFileNumber>001-08951</secFileNumber>
            <issuerAddress>
                <ns2:street1>4350 S. Monaco Street, Suite 500</ns2:street1>
                <ns2:city>Denver</ns2:city>
                <ns2:stateOrCountry>CO</ns2:stateOrCountry>
                <ns2:zipCode>80237</ns2:zipCode>
            </issuerAddress>
            <issuerContactPhone>(303) 773-1100</issuerContactPhone>
            <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>BOCA SAWYER 22 LLC</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
            <relationshipsToIssuer>
                <relationshipToIssuer>Officer</relationshipToIssuer>
                <relationshipToIssuer>Director</relationshipToIssuer>
            </relationshipsToIssuer>
        </issuerInfo>
        <securitiesInformation>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <brokerOrMarketmakerDetails>
                <name>Morgan Stanley Smith Barney LLC Executive Financial Services</name>
                <address>
                    <ns2:street1>1 New York Plaza</ns2:street1>
                    <ns2:street2>38th Floor</ns2:street2>
                    <ns2:city>New York</ns2:city>
                    <ns2:stateOrCountry>NY</ns2:stateOrCountry>
                    <ns2:zipCode>10004</ns2:zipCode>
                </address>
            </brokerOrMarketmakerDetails>
            <noOfUnitsSold>125330</noOfUnitsSold>
            <aggregateMarketValue>5195091.43</aggregateMarketValue>
            <noOfUnitsOutstanding>73117639</noOfUnitsOutstanding>
            <approxSaleDate>05/05/2023</approxSaleDate>
            <securitiesExchangeName>NYSE</securitiesExchangeName>
        </securitiesInformation>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>04/29/2021</acquiredDate>
            <natureOfAcquisitionTransaction>Compensation for Past Services</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>125330</amountOfSecuritiesAcquired>
            <paymentDate>04/29/2021</paymentDate>
            <natureOfPayment>Compensation</natureOfPayment>
        </securitiesToBeSold>
        <nothingToReportFlagOnSecuritiesSoldInPast3Months>N</nothingToReportFlagOnSecuritiesSoldInPast3Months>
        <securitiesSoldInPast3Months>
            <sellerDetails>
                <name>BOCA SAWYER 22 LLC</name>
                <address>
                    <ns2:street1>4350 S. Monaco Street, Suite 500</ns2:street1>
                    <ns2:city>Denver</ns2:city>
                    <ns2:stateOrCountry>CO</ns2:stateOrCountry>
                    <ns2:zipCode>80237</ns2:zipCode>
                </address>
            </sellerDetails>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <saleDate>05/04/2023</saleDate>
            <amountOfSecuritiesSold>31714</amountOfSecuritiesSold>
            <grossProceeds>1308519.64</grossProceeds>
        </securitiesSoldInPast3Months>
        <noticeSignature>
            <noticeDate>05/05/2023</noticeDate>
            <planAdoptionDates/>
            <signature>/s/ Larry Mizel, UBO</signature>
        </noticeSignature>
    </formData>
</edgarSubmission>
[{"type": "144", "sequence": "1", "filename": "primary_doc.xml", "secsgml_size_bytes": 4022}]
144
0000902691
XXXXXXXX
LIVE
0000773141
M.D.C. HOLDINGS INC.
001-08951
4350 S. Monaco Street, Suite 500
Denver
CO
80237
(303) 773-1100
BOCA SAWYER 22 LLC
Officer
Director
Common
Morgan Stanley Smith Barney LLC Executive Financial Services
1 New York Plaza
38th Floor
New York
NY
10004
125330
5195091.43
73117639
05/05/2023
NYSE
Common
04/29/2021
Compensation for Past Services
Issuer
N
125330
04/29/2021
Compensation
N
BOCA SAWYER 22 LLC
4350 S. Monaco Street, Suite 500
Denver
CO
80237
Common
05/04/2023
31714
1308519.64
05/05/2023
/s/ Larry Mizel, UBO