diff --git a/CHANGES-3.2 b/CHANGES-3.2
index baaf261d4..81fd55343 100644
--- a/CHANGES-3.2
+++ b/CHANGES-3.2
@@ -7,6 +7,19 @@ contributors are listed. Note that Calamares does not have a historical
 changelog -- this log starts with version 3.2.0. The release notes on the
 website will have to do for older versions.
 
+# 3.2.49 (unreleased) #
+
+This release contains contributions from (alphabetically by first name):
+ - Evan James
+
+## Core ##
+ - No core changes yet
+
+## Modules ##
+ - *partition* now supports "deep" btrfs subvolume names, e.g. a
+   separate subvolume for `/usr/local`. (Thanks Evan)
+
+
 # 3.2.48 (2021-12-03) #
 
 This release contains contributions from (alphabetically by first name):
diff --git a/CMakeLists.txt b/CMakeLists.txt
index c998d43d0..1a55eae1c 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -41,11 +41,11 @@
 # TODO:3.3: Require CMake 3.12
 cmake_minimum_required( VERSION 3.3 FATAL_ERROR )
 project( CALAMARES
-    VERSION 3.2.48
+    VERSION 3.2.49
     LANGUAGES C CXX
 )
 
-set( CALAMARES_VERSION_RC 0 )  # Set to 0 during release cycle, 1 during development
+set( CALAMARES_VERSION_RC 1 )  # Set to 0 during release cycle, 1 during development
 if( CALAMARES_VERSION_RC EQUAL 1 AND CMAKE_SOURCE_DIR STREQUAL CMAKE_BINARY_DIR )
     message( FATAL_ERROR "Do not build development versions in the source-directory." )
 endif()