diff --git a/django/db/models/options.py b/django/db/models/options.py
index ed7be7dd7a84e..68a7228cbea6b 100644
--- a/django/db/models/options.py
+++ b/django/db/models/options.py
@@ -5,6 +5,7 @@
 from django.apps import apps
 from django.conf import settings
 from django.core.exceptions import FieldDoesNotExist, ImproperlyConfigured
+from django.core.signals import setting_changed
 from django.db import connections
 from django.db.models import AutoField, Manager, OrderWrt, UniqueConstraint
 from django.db.models.query_utils import PathInfo
@@ -230,6 +231,9 @@ def contribute_to_class(self, cls, name):
                 self.db_table, connection.ops.max_name_length()
             )
 
+        if self.swappable:
+            setting_changed.connect(self.setting_changed)
+
     def _format_names(self, objs):
         """App label/class name interpolation for object names."""
         names = {"app_label": self.app_label.lower(), "class": self.model_name}
@@ -399,7 +403,7 @@ def verbose_name_raw(self):
         with override(None):
             return str(self.verbose_name)
 
-    @property
+    @cached_property
     def swapped(self):
         """
         Has this model been swapped out for another? If so, return the model
@@ -427,6 +431,10 @@ def swapped(self):
                     return swapped_for
         return None
 
+    def setting_changed(self, *, setting, **kwargs):
+        if setting == self.swappable and "swapped" in self.__dict__:
+            del self.swapped
+
     @cached_property
     def managers(self):
         managers = []