ESPHome fully supports the later ESP32-C5, which is great as it gives you both 2.4GHz and 5GHz Wi-Fi.
ESP-IDF framework
As the ESP32-C5 relies on the ESP-IDF framework, you need to configure the device within the YAML file.
An example is shown below.
esphome:
name: your-esp32-c5-name
friendly_name: Your ESP32-C5
esp32:
board: esp32-c5-devkitc-1
variant: esp32c5
framework:
type: esp-idf
# Enable Home Assistant API
api:
encryption:
key: "YOUR_API_KEY_HERE"
wifi:
ssid: "YOUR_SSID"
password: "YOUR_PASSWORD"
# Optional: For dual-band, if you want to force 5GHz specifically
band_mode: 5GHZ
Creating a new ESP32-C5 Device
As ESPHome does not currently list the ESP32-C5 within its supported MCUs, you can simply select another and then once the YAML basic file is created, you can update as shown above.

For example, selecting ESP32-C6 will create with the YAML file:
esp32:
board: esp32-c6-devkitc-1
framework:
type: esp-idf
So you can then simply edit this to:
esp32:
board: esp32-c5-devkitc-1
variant: esp32c5
framework:
type: esp-idf