diff --git a/homeassistant/components/esphome/dashboard.py b/homeassistant/components/esphome/dashboard.py
index b0a37aefd0d2d9..334c16e57301ad 100644
--- a/homeassistant/components/esphome/dashboard.py
+++ b/homeassistant/components/esphome/dashboard.py
@@ -12,6 +12,7 @@
 from homeassistant.helpers.aiohttp_client import async_get_clientsession
 from homeassistant.helpers.singleton import singleton
 from homeassistant.helpers.storage import Store
+from homeassistant.util.hass_dict import HassKey
 
 from .const import DOMAIN
 from .coordinator import ESPHomeDashboardCoordinator
@@ -19,7 +20,9 @@
 _LOGGER = logging.getLogger(__name__)
 
 
-KEY_DASHBOARD_MANAGER = "esphome_dashboard_manager"
+KEY_DASHBOARD_MANAGER: HassKey[ESPHomeDashboardManager] = HassKey(
+    "esphome_dashboard_manager"
+)
 
 STORAGE_KEY = "esphome.dashboard"
 STORAGE_VERSION = 1
@@ -33,7 +36,7 @@ async def async_setup(hass: HomeAssistant) -> None:
     await async_get_or_create_dashboard_manager(hass)
 
 
-@singleton(KEY_DASHBOARD_MANAGER)
+@singleton(KEY_DASHBOARD_MANAGER, async_=True)
 async def async_get_or_create_dashboard_manager(
     hass: HomeAssistant,
 ) -> ESPHomeDashboardManager:
@@ -140,7 +143,7 @@ def async_get_dashboard(hass: HomeAssistant) -> ESPHomeDashboardCoordinator | No
     where manager can be an asyncio.Event instead of the actual manager
     because the singleton decorator is not yet done.
     """
-    manager: ESPHomeDashboardManager | None = hass.data.get(KEY_DASHBOARD_MANAGER)
+    manager = hass.data.get(KEY_DASHBOARD_MANAGER)
     return manager.async_get() if manager else None
 
 
diff --git a/homeassistant/helpers/singleton.py b/homeassistant/helpers/singleton.py
index 20e4ee82162de9..075fc50b49af86 100644
--- a/homeassistant/helpers/singleton.py
+++ b/homeassistant/helpers/singleton.py
@@ -3,15 +3,22 @@
 from __future__ import annotations
 
 import asyncio
-from collections.abc import Callable
+from collections.abc import Callable, Coroutine
 import functools
-from typing import Any, cast, overload
+from typing import Any, Literal, assert_type, cast, overload
 
 from homeassistant.core import HomeAssistant
 from homeassistant.loader import bind_hass
 from homeassistant.util.hass_dict import HassKey
 
 type _FuncType[_T] = Callable[[HomeAssistant], _T]
+type _Coro[_T] = Coroutine[Any, Any, _T]
+
+
+@overload
+def singleton[_T](
+    data_key: HassKey[_T], *, async_: Literal[True]
+) -> Callable[[_FuncType[_Coro[_T]]], _FuncType[_Coro[_T]]]: ...
 
 
 @overload
@@ -24,29 +31,37 @@ def singleton[_T](
 def singleton[_T](data_key: str) -> Callable[[_FuncType[_T]], _FuncType[_T]]: ...
 
 
-def singleton[_T](data_key: Any) -> Callable[[_FuncType[_T]], _FuncType[_T]]:
+def singleton[_S, _T, _U](
+    data_key: Any, *, async_: bool = False
+) -> Callable[[_FuncType[_S]], _FuncType[_S]]:
     """Decorate a function that should be called once per instance.
 
     Result will be cached and simultaneous calls will be handled.
     """
 
-    def wrapper(func: _FuncType[_T]) -> _FuncType[_T]:
+    @overload
+    def wrapper(func: _FuncType[_Coro[_T]]) -> _FuncType[_Coro[_T]]: ...
+
+    @overload
+    def wrapper(func: _FuncType[_U]) -> _FuncType[_U]: ...
+
+    def wrapper(func: _FuncType[_Coro[_T] | _U]) -> _FuncType[_Coro[_T] | _U]:
         """Wrap a function with caching logic."""
         if not asyncio.iscoroutinefunction(func):
 
             @functools.lru_cache(maxsize=1)
             @bind_hass
             @functools.wraps(func)
-            def wrapped(hass: HomeAssistant) -> _T:
+            def wrapped(hass: HomeAssistant) -> _U:
                 if data_key not in hass.data:
                     hass.data[data_key] = func(hass)
-                return cast(_T, hass.data[data_key])
+                return cast(_U, hass.data[data_key])
 
             return wrapped
 
         @bind_hass
         @functools.wraps(func)
-        async def async_wrapped(hass: HomeAssistant) -> Any:
+        async def async_wrapped(hass: HomeAssistant) -> _T:
             if data_key not in hass.data:
                 evt = hass.data[data_key] = asyncio.Event()
                 result = await func(hass)
@@ -62,6 +77,45 @@ async def async_wrapped(hass: HomeAssistant) -> Any:
 
             return cast(_T, obj_or_evt)
 
-        return async_wrapped  # type: ignore[return-value]
+        return async_wrapped
 
     return wrapper
+
+
+async def _test_singleton_typing(hass: HomeAssistant) -> None:
+    """Test singleton overloads work as intended.
+
+    This is tested during the mypy run. Do not move it to 'tests'!
+    """
+    # Test HassKey
+    key = HassKey[int]("key")
+
+    @singleton(key)
+    def func(hass: HomeAssistant) -> int:
+        return 2
+
+    @singleton(key, async_=True)
+    async def async_func(hass: HomeAssistant) -> int:
+        return 2
+
+    assert_type(func(hass), int)
+    assert_type(await async_func(hass), int)
+
+    # Test invalid use of 'async_' with sync function
+    @singleton(key, async_=True)  # type: ignore[arg-type]
+    def func_error(hass: HomeAssistant) -> int:
+        return 2
+
+    # Test string key
+    other_key = "key"
+
+    @singleton(other_key)
+    def func2(hass: HomeAssistant) -> str:
+        return ""
+
+    @singleton(other_key)
+    async def async_func2(hass: HomeAssistant) -> str:
+        return ""
+
+    assert_type(func2(hass), str)
+    assert_type(await async_func2(hass), str)