diff --git a/bindings/python/notmuch/version.py b/bindings/python/notmuch/version.py
index af97e6d1..e654ab7f 100644
--- a/bindings/python/notmuch/version.py
+++ b/bindings/python/notmuch/version.py
@@ -1,3 +1,3 @@
 # this file should be kept in sync with ../../../version
-__VERSION__ = '0.38.1~pre0'
+__VERSION__ = '0.38.1~rc1'
 SOVERSION = '5'
diff --git a/version.txt b/version.txt
index cf30d88f..ba1bb575 100644
--- a/version.txt
+++ b/version.txt
@@ -1 +1 @@
-0.38.1~pre0
+0.38.1~rc1