diff --git a/esphome/__main__.py b/esphome/__main__.py
index 54c1aa112a..1d316a97ee 100644
--- a/esphome/__main__.py
+++ b/esphome/__main__.py
@@ -346,7 +346,7 @@ def upload_program(config, args, host):
         not is_ip_address(CORE.address)  # pylint: disable=too-many-boolean-expressions
         and (get_port_type(host) == "MQTT" or config[CONF_MDNS][CONF_DISABLED])
         and CONF_MQTT in config
-        and (not args.device or args.device == "MQTT")
+        and (not args.device or args.device in ("MQTT", "OTA"))
     ):
         from esphome import mqtt
 
diff --git a/esphome/components/valve/__init__.py b/esphome/components/valve/__init__.py
index 22d617cc36..ea6bfc6055 100644
--- a/esphome/components/valve/__init__.py
+++ b/esphome/components/valve/__init__.py
@@ -14,6 +14,9 @@ from esphome.const import (
     CONF_STATE,
     CONF_STOP,
     CONF_TRIGGER_ID,
+    DEVICE_CLASS_EMPTY,
+    DEVICE_CLASS_GAS,
+    DEVICE_CLASS_WATER,
 )
 from esphome.core import CORE, coroutine_with_priority
 from esphome.cpp_helpers import setup_entity
@@ -22,6 +25,12 @@ IS_PLATFORM_COMPONENT = True
 
 CODEOWNERS = ["@esphome/core"]
 
+DEVICE_CLASSES = [
+    DEVICE_CLASS_EMPTY,
+    DEVICE_CLASS_GAS,
+    DEVICE_CLASS_WATER,
+]
+
 valve_ns = cg.esphome_ns.namespace("valve")
 
 Valve = valve_ns.class_("Valve", cg.EntityBase)
@@ -65,6 +74,7 @@ VALVE_SCHEMA = cv.ENTITY_BASE_SCHEMA.extend(cv.MQTT_COMMAND_COMPONENT_SCHEMA).ex
     {
         cv.GenerateID(): cv.declare_id(Valve),
         cv.OnlyWith(CONF_MQTT_ID, "mqtt"): cv.declare_id(mqtt.MQTTValveComponent),
+        cv.Optional(CONF_DEVICE_CLASS): cv.one_of(*DEVICE_CLASSES, lower=True),
         cv.Optional(CONF_POSITION_COMMAND_TOPIC): cv.All(
             cv.requires_component("mqtt"), cv.subscribe_topic
         ),
diff --git a/esphome/const.py b/esphome/const.py
index 9871ea704f..9d2b8b78ea 100644
--- a/esphome/const.py
+++ b/esphome/const.py
@@ -1,6 +1,6 @@
 """Constants used by esphome."""
 
-__version__ = "2024.5.0"
+__version__ = "2024.5.1"
 
 ALLOWED_NAME_CHARS = "abcdefghijklmnopqrstuvwxyz0123456789-_"
 VALID_SUBSTITUTIONS_CHARACTERS = (
diff --git a/esphome/dashboard/status/mqtt.py b/esphome/dashboard/status/mqtt.py
index 8c35dd2535..0e53c21679 100644
--- a/esphome/dashboard/status/mqtt.py
+++ b/esphome/dashboard/status/mqtt.py
@@ -18,7 +18,7 @@ class MqttStatusThread(threading.Thread):
         """Run the status thread."""
         dashboard = DASHBOARD
         entries = dashboard.entries
-        current_entries = entries.all()
+        current_entries = entries.async_all()
 
         config = mqtt.config_from_env()
         topic = "esphome/discover/#"
@@ -33,7 +33,7 @@ class MqttStatusThread(threading.Thread):
                     return
                 for entry in current_entries:
                     if entry.name == data["name"]:
-                        entries.set_state(entry, EntryState.ONLINE)
+                        entries.async_set_state(entry, EntryState.ONLINE)
                         return
 
         def on_connect(client, userdata, flags, return_code):
@@ -53,11 +53,11 @@ class MqttStatusThread(threading.Thread):
         client.loop_start()
 
         while not dashboard.stop_event.wait(2):
-            current_entries = entries.all()
+            current_entries = entries.async_all()
             # will be set to true on on_message
             for entry in current_entries:
                 if entry.no_mdns:
-                    entries.set_state(entry, EntryState.OFFLINE)
+                    entries.async_set_state(entry, EntryState.OFFLINE)
 
             client.publish("esphome/discover", None, retain=False)
             dashboard.mqtt_ping_request.wait()