diff --git a/synapse/logging/opentracing.py b/synapse/logging/opentracing.py
index c70eee649c57..d5ea76b96baa 100644
--- a/synapse/logging/opentracing.py
+++ b/synapse/logging/opentracing.py
@@ -937,14 +937,19 @@ def err_back(result: R) -> R:
 
                 else:
                     if inspect.isawaitable(result):
-                        logger.error(
-                            "@trace may not have wrapped %s correctly! "
-                            "The function is not async but returned a %s.",
-                            func.__qualname__,
-                            type(result).__name__,
-                        )
-
-                    scope.__exit__(None, None, None)
+
+                        async def await_coroutine():
+                            try:
+                                return await result
+                            finally:
+                                scope.__exit__(None, None, None)
+
+                        # The original method returned a coroutine, so we create another
+                        # coroutine wrapping it, that calls __exit__.
+                        return await_coroutine()
+                    else:
+                        # Just a simple sync function
+                        scope.__exit__(None, None, None)
 
                 return result
 
diff --git a/tests/logging/test_opentracing.py b/tests/logging/test_opentracing.py
index e28ba84cc2b7..29e30993543b 100644
--- a/tests/logging/test_opentracing.py
+++ b/tests/logging/test_opentracing.py
@@ -12,7 +12,7 @@
 # See the License for the specific language governing permissions and
 # limitations under the License.
 
-from typing import cast
+from typing import Awaitable, cast
 
 from twisted.internet import defer
 from twisted.test.proto_helpers import MemoryReactorClock
@@ -277,3 +277,34 @@ async def fixture_async_func() -> str:
             [span.operation_name for span in self._reporter.get_spans()],
             ["fixture_async_func"],
         )
+
+    def test_trace_decorator_awaitable_return(self) -> None:
+        """
+        Test whether we can use `@trace_with_opname` (`@trace`) and `@tag_args`
+        with functions that return an awaitable (e.g. a coroutine)
+        """
+        reactor = MemoryReactorClock()
+
+        with LoggingContext("root context"):
+            # Something we can return without `await` to get a coroutine
+            async def fixture_async_func() -> str:
+                return "foo"
+
+            # The actual kind of function we want to test that returns an awaitable
+            @trace_with_opname("fixture_awaitable_return_func", tracer=self._tracer)
+            @tag_args
+            def fixture_awaitable_return_func() -> Awaitable[str]:
+                return fixture_async_func()
+
+            d1 = defer.ensureDeferred(fixture_awaitable_return_func())
+
+            # let the tasks complete
+            reactor.pump((2,) * 8)
+
+            self.assertEqual(self.successResultOf(d1), "foo")
+
+        # the span should have been reported
+        self.assertEqual(
+            [span.operation_name for span in self._reporter.get_spans()],
+            ["fixture_awaitable_return_func"],
+        )