SPFx re-render web part after Property Pane closes while in DisplayMode.Read

I have a SPFx anchor tag web part that is hidden while the page is in read mode. I’m using DisplayMode.Edit to determine that while the user edits the page and adds the web part.

I’m trying to figure out how to capture the close event for the Web Part Pane. My web part has a Configure button using the PnP Placeholder React element. So a user could add the web part and click Save before configuring. Then they could click the configure button while the page is in Read mode and the web part pane will still open.

I’m using this.context.propertyPane.isRenderedByWebPart() to detect if the pane has been opened so the text can be displayed as the user types. But I want to hide it again when the user clicks the “X” in the top right. I can’t seem to find an event for the closing of the pane in order to re-render.

I want to avoid using disableReactivePropertyChanges() because it’s such a simple web part.

Web Part Added to Page - Read Mode or Edit Mode

Web Part in Edit Mode with text added

Page in Read Mode - Web Part hidden